The so-called Sandwich Generation – adults caring for their children and aging parents at the same time – are under a unique pressure that previous generations rarely had to address. Aging parents often require extra time paying bills, taking their medication, making it to doctor’s appointments, etc., in addition to dwindling savings. Meanwhile adult children frequently need their parent’s financial support – even if they have completed college.
Below are the five “Cs” for the Sandwich Generation as recommended in a Forbes article titled, “The Sandwich Generation: 5 C’s To Deal With Your Financial Challenges.”
- Don’t be afraid to ask for help from other family members and friends. Now is not time to try to handle all these new responsibilities yourself.
- Use your community. There are many different resources you can use for assistance such as gerontologists, therapists and support groups.
- Make choices. You must decide how to spend your time, money and energy. You will likely be unable to do everything you want and must make difficult decisions.
- Guilty conscious. Do not let guilt over not being able to do more financially allow you to make bad decisions. Be aware of your financial resources and available time.
- Protect your capital. Do not make hasty decisions about your finances. Meet with a financial advisor before making any important financial decisions.